Bitcoin has exploded in popularity over the last few years, but not everyone understands or trusts this new form of digital money. With scam artists and market manipulation running rampant in the crypto space, it’s reasonable to approach Bitcoin and its advocates with some healthy skepticism. However, blanket distrust of “bitcoiners” is often misguided. Here’s a nuanced look at whether the core Bitcoin community deserves your trust.
The Good Apples
While the crypto space undoubtedly has its bad actors, many bitcoiners truly want to change the world for the better. Here are some of the most trusted and respected voices in the Bitcoin community:
- Andreas Antonopoulos – One of the most articulate explainers and evangelists for Bitcoin. Andreas has dedicated his life to educating the world about the potential of cryptocurrency to bank the unbanked and uplift billions out of poverty. He does not pump coins for profit or engage in market manipulation.
- Adam Back – A cryptographer and cypherpunk who pioneered early digital currency and privacy technology. He is the CEO of Blockstream, which focuses on Bitcoin infrastructure development. Highly respected for his principles and technical brilliance.
- Michael Saylor – The CEO of MicroStrategy, which holds billions in Bitcoin. Saylor is a thoughtful advocate for Bitcoin’s long-term potential as “digital gold” and an inflation hedge. He does not engage in price hype or pumps.
- Jack Dorsey – The founder of Twitter and Square, both of which have embraced Bitcoin. Dorsey sees Bitcoin as a “native currency for the internet” that can empower the disadvantaged. He does not hype prices irresponsibly.
They Walk the Walk
These bitcoiners don’t just talk about the potential of Bitcoin – they live it. They run companies and projects that embody the transparency, decentralization, and financial inclusion that Bitcoin makes possible:
- Elizabeth Stark – The co-founder and CEO of Lightning Labs. She helped develop the Lightning Network, which enables fast, cheap Bitcoin transactions. This “second layer” protocol can take Bitcoin mainstream.
- Alex Gladstein – The Chief Strategy Officer at the Human Rights Foundation. He promotes Bitcoin as a financial freedom tool for those living under authoritarian regimes. His goals are ideological, not financial.
- Baltasar Gracián – He runs the Bitcoin Beach wallet in El Salvador, which has helped bring financial services to an under-banked population. He aims to uplift people through Bitcoin, not make a quick buck.
The Bad Apples
Of course, not everyone in the Bitcoin community has such noble goals. Here are some of the worst offenders who give bitcoiners a bad name:
- John McAfee – The controversial founder of McAfee Antivirus. He is notorious for exploiting Bitcoin hype to make money. McAfee frequently promotes sketchy altcoins and leverages his fame to inflate prices.
- Craig Wright – The self-proclaimed inventor of Bitcoin (a claim lacking evidence). Wright has repeatedly forged documents and identities to profit from his false Satoshi Nakamoto persona.
- Roger Ver – An early Bitcoin investor turned Bitcoin Cash promoter. Ver attacks and undermines Bitcoin to hype the altcoin Bitcoin Cash, which he has a vested interest in.
- Bitconnect Promoters – This Bitcoin Ponzi scheme duped thousands before collapsing in 2018. Promoters knowingly peddled the scam to profit from referrals and pumped the price.
Red Flags
Here are some red flags to watch out for when evaluating anyone in the crypto space:
- They guarantee mouth-watering returns or promise you’ll “get rich.”
- They focus obsessively on price, hype, FUD, or “crashing banks.”
- They attack and trash-talk other cryptocurrencies or community members.
- They have a history of changing names, personas, or business ventures.
- They rely on fake celebrity endorsements or fabricated partnerships.
- They utilize bot armies or paid shills to artificially hype projects.
How to Separate Good from Bad
So how can you tell the earnest bitcoiners from the scammers? Here are a few tips:
- Focus on principles – Does their advocacy align with Bitcoin’s core principles like transparency, decentralization, financial sovereignty? Or do they seem to only care about money?
- Check accomplishments – Have they made meaningful contributions to Bitcoin projects and communities? Or are they just talk?
- Watch for consistency – Do they stick to the same principles and values over many years? Or do they constantly re-invent themselves?
- Follow the money – Are they financially invested in projects they promote? Or are they focused on ideas over profit?
- Assess exaggeration – Do they make reasonable, balanced arguments? Or do they rely on hyperbole and make outlandish promises?
- Note humility – Are they upfront about what they don’t know? Or do they pretend to have all the answers?
With discernment and care, you can separate the earnest advocates from the disingenuous profiteers. Not all bitcoiners are untrustworthy – but a healthy dose of skepticism is certainly warranted in this space. As with most things, trust but verify.
The Future Depends on Decentralization
Bitcoin’s potential to revolutionize money rests on decentralization. No single bitcoiner should have outsized influence over the network or market. Maintaining skepticism towards power and resisting manipulation is key to realizing Bitcoin’s promise.
There are brilliant technologists building a more open and just financial system. But there are also plenty of opportunists looking to get rich quick off the hype. Moving forward, the Bitcoin community must elevate those voices and projects that embody the transparency and decentralization it was founded on.
The financial freedom that Bitcoin enables is too important to be undermined by con artists and greedy influencers. With vigilance and care, earnest advocates can steer the ship towards Bitcoin’s noblest goals. The future depends on it.